Citicorp's Reed Received Raise
Of 15% to $4 Million in 1997

By

Stephen E. Frank Staff Reporter of The Wall Street Journal

Updated March 9, 1998 12:01 a.m. ET

NEW YORK -- Citicorp paid its chairman and chief executive officer, John S. Reed, total compensation of $4 million in 1997, an increase of just over 15% from 1996, according to the company's annual proxy statement.

Mr. Reed's salary rose slightly, to $1.5 million, from $1.47 million, while his bonus jumped 25%, to $2.5 million. That remains short of the $3 million bonus he earned in 1995 and is less than half the bonus of nearly $6.3 million he could have earned under the company's compensation policy. Three-quarters of...